【深圳商报讯】（记者 陈燕青）随着A股的走强，百亿私募的数量重新逼近百家。私募排排网数据显 示，截至今年9月底，百亿私募数量增至96家，与8月底相比数量增加5家。其中，首次新晋的百亿私募 有3家，分别为正瀛资产、开思私募和太保致远（上海）私募；此外，红筹投资和源峰基金重回百亿阵 营。 从百亿私募策略来看，74家百亿私募核心策略为股票策略，占比为77.08%；12家百亿私募核心策略为 多资产策略，占比为12.50%；6家百亿私募核心策略为债券策略，占比为6.25%；2家百亿私募核心策略 为期货及衍生品策略，占比为2.08%；另有2家百亿私募暂未披露核心策略。 今年前三季度纳入统计的62家百亿私募整体表现亮眼，平均收益率达28.8%，其中61家实现正收益，正 收益占比高达98.39% 从投资模式来看，当前96家百亿私募中，量化私募数量最多有45家，占比为46.88%；主观私募其次有 42家，占比为43.75%；混合私募有7家，占比为7.29%；另有2家私募暂未披露投资模式。值得一提的 是，新晋的5家百亿私募中，主观私募有4家，分别是红筹投资、开思私募和源峰基金，混合私募有1家 为正瀛资产，太保致远（上海）私募暂未 ...

Group 1 - The public REITs market in China has seen a surge in new fund launches, with 19 new public REITs issued this year, and the total initial issuance scale expected to exceed 200 billion yuan [1] - Two recently launched REITs, Huaxia Zhonghai Commercial REIT and CITIC JianTou Shenyang International Software Park REIT, sold out their public offering in one day, leading to an early end of fundraising and a proportional allocation [1] - The effective subscription confirmation ratios for the two REITs were notably high, with Huaxia Zhonghai Commercial REIT seeing a public investor subscription ratio of 0.2763% and an institutional investor ratio of 0.312%, resulting in effective subscription multiples of 361.9 times and 320.5 times respectively [1] Group 2 - The performance of listed REITs has shown some divergence, with the CSI REITs Total Return Index declining recently, despite a year-to-date increase of 7.36% [2] - The best-performing REIT this year is E Fund Huawai Agricultural Market REIT, which has seen returns exceeding 75% [2] - There are 10 REITs that have reported negative returns this year, with Zhongjin Hubei Keti Guanggu REIT down nearly 18% and Dongwu Suyuan Industrial REIT down nearly 7% [2]

Core Insights - Both Xiaoma Zhixing and Wenyuan Zhixing have successfully passed the Hong Kong Stock Exchange's review, indicating their qualification for listing [1] - The dual listing in Hong Kong is seen as a strategic move to establish a "US + HK" dual listing structure and broaden financing channels [1] - The companies are set to go public in the US in 2024, with Xiaoma Zhixing planning to issue up to 102,146,500 shares and Wenyuan Zhixing 102,428,200 shares [1] Company Overview - Xiaoma Zhixing was founded in 2016 and focuses on providing comprehensive autonomous driving technology, launching its Robotaxi service in December 2018 [2] - Wenyuan Zhixing, established a year later, aims to develop reliable autonomous driving technology with a product matrix that includes Robotaxi, Robobus, Robovan, Robosweeper, and Advanced Driver-Assistance Systems [2] - Both companies share a common background, with founders from Baidu's autonomous driving division [2] Business Strategies - Xiaoma Zhixing emphasizes deepening its Robotaxi business and has partnered with major automotive companies like Toyota and BAIC, while also expanding into Robotruck services [3] - Wenyuan Zhixing has diversified its offerings across five product lines, including ride-hailing, on-demand buses, urban freight, smart sanitation, and advanced driver-assistance solutions [3] Financial Performance - Wenyuan Zhixing reported a revenue of 127 million yuan in Q2 2025, a 60.8% year-on-year increase, with its Robotaxi business contributing 45.9 million yuan, up 836.7% [3] - Xiaoma Zhixing's revenue for the first half of 2025 reached approximately 25.1 million yuan, a 43.3% increase year-on-year, with Robotaxi revenue surging 178.8% [3] - Overall, Xiaoma Zhixing shows an edge in revenue growth and scale, while Wenyuan Zhixing excels in gross margin and Robotaxi revenue growth [3] Market Impact - The dual IPOs are expected to attract more capital market attention, with Wenyuan Zhixing being the only Chinese autonomous driving company to secure investment commitments from Uber and Grab [4] - Xiaoma Zhixing has also attracted significant investments from notable institutions, including a $12.9 million investment from ARK Invest [5] - The IPOs are anticipated to enhance financing capabilities, allowing for accelerated technology development and market expansion [6] Industry Outlook - The global Robotaxi service market is projected to reach $66.6 billion by 2030, with a compound annual growth rate of 195.6% from 2025 to 2030 [6] - As leaders in the commercialization of Robotaxi services, both companies are positioned to benefit from industry growth and market opportunities [6]

Group 1 - Recent years have seen a trend of Chinese concept stocks returning to Hong Kong for listing, with companies like Hesai Technology, Tianjing Biotechnology, WeRide, and Pony.ai announcing their plans or progress for Hong Kong listings [1][2] - Pony.ai plans to issue up to 102.1 million shares and has a current market value exceeding $7 billion, while Tianjing Biotechnology aims for a dual listing in Hong Kong to enhance collaboration with global innovators and diversify its investor base [1][2] - WeRide has received approval from the China Securities Regulatory Commission for its Hong Kong listing, intending to issue up to 102.4 million shares, and is noted for holding autonomous driving licenses in seven countries [1] Group 2 - Hesai Technology became the first lidar company to achieve a dual primary listing on the Hong Kong Stock Exchange, raising approximately HKD 4.16 billion and reaching a market value of HKD 35.85 billion on its first day [2] - Since the reform of the Hong Kong listing system in 2018, over 30 Chinese concept stocks have returned to Hong Kong, including major players like Alibaba, JD.com, and Baidu, representing a significant portion of the internet sector [2] - There are three main methods for Chinese concept stocks to return to Hong Kong: privatization and re-listing, secondary listings, and dual listings, with 34 companies having returned since 2018 [2] Group 3 - The return of Chinese concept stocks to Hong Kong is seen as a strategic move amid U.S. regulatory and geopolitical uncertainties, providing companies with better funding opportunities and faster listing processes [3] - The industry focus of returning companies has primarily been on internet platforms and biotechnology, with expectations for future expansions into emerging sectors such as semiconductors, industrial software, and intelligent driving [3]

Core Insights - The competition among internet giants in the automotive sector is intensifying, with JD.com announcing a collaboration with GAC and CATL to launch the "National Good Car" during the Double 11 shopping festival, marking a significant entry into the automotive market [1][2] Group 1: JD.com's Strategy - JD.com is positioning itself not as a car manufacturer but as a seller, focusing on understanding consumer preferences and acting as an exclusive 4S store [2][3] - The collaboration with GAC and CATL reflects a clear division of responsibilities: GAC manufactures the vehicle, CATL provides battery technology, and JD.com handles sales and customer insights [2][3] - JD.com has been gradually building its automotive business since 2015, with significant milestones including the establishment of an automotive division and the expansion of its car maintenance services [3] Group 2: Competitive Landscape - The current strategies of internet giants in the automotive sector can be categorized into three types: direct manufacturing (like Xiaomi), providing technology solutions (like Huawei), and offering data and algorithm support (like Alibaba) [2] - JD.com’s approach emphasizes service and supply chain capabilities rather than manufacturing, leveraging its extensive resources to provide a full range of automotive services [4] Group 3: Future Outlook - The competition in the electric vehicle market is shifting from technology to ecosystem battles, focusing on comprehensive service offerings throughout the vehicle lifecycle [4] - JD.com is also exploring autonomous driving technologies, having registered a trademark for "Joyrobotaxi" and developed logistics vehicles with advanced autonomous capabilities [4] - The automotive sector is seen as the next "super entry point" for internet companies, with the potential to reshape consumer engagement and ecosystem integration [5] Group 4: Challenges Ahead - Despite the opportunities, JD.com faces challenges such as brand commitment risks, where any issues with the vehicle could reflect poorly on JD.com despite its non-manufacturing role [6] - The automotive industry requires significant investment and has long return cycles, posing a challenge for internet companies accustomed to lighter asset models [6] - The competitive landscape is crowded, with established players like Huawei and Tesla creating significant barriers in technology and data [6]

达华智能近年来业绩不佳。财报显示，2021年至2024年的4年间，除了2024年归母净利润盈利外，其余3 年归母净利润均亏损。如果按扣非净利润看，公司自2018年以来已连亏7年，累计亏损约35亿元。 今年中报显示，上半年公司实现营收7.6亿元，同比下降14.3%；归母净利润由盈转亏，亏损5259万元。 达华智能此前已被监管层立案。今年7月29日，达华智能发布公告，因涉嫌信息披露违法违规，中国证 监会决定对公司立案。 上海久诚律师事务所主任许峰律师认为，在2021年8月27日到2025年1月1日之间买入达华智能股票，并 在2025年1月1日之后卖出或持有股票的投资者，可发起索赔。 【深圳商报讯】（记者 陈燕青）由于业绩低迷及被立案调查等因素，今年以来达华智能走势疲弱，上 周五创出年内新低，年内至今跌幅约24%。数据显示，公司扣非净利润已连续7年亏损。除了业绩低 迷，如今公司还面临投资者索赔的局面。 近日，上海久诚律师事务所律师团队代理的达华智能投资者索赔案已向法院提交立案，目前正在等待法 院的下一步安排。律师团队继续推进后续案件的立案工作，还在继续接受其他投资者的索赔委托。 ...

华脉科技表示，鉴于上述事项尚存在重大不确定性，为保证公平信息披露，维护投资者利益，避免公司 股价异常波动，根据相关规定，经向上交所申请，公司股票自10月20日起停牌，预计停牌时间不超过两 个交易日。 2022年至2024年，华脉科技营业收入分别为10.94亿元、9.40亿元、9.06亿元，同比下降7.61%、 14.06%、3.70%；归母净利润-9547.15万元、-8420.21万元、1456.95万元，同比增长-1234.68%、 11.80%、117.30%。 今年上半年公司实现营业收入3.75亿元，同比下降9.29%；归母净利润为-2180.04万元，同比下降 434.60%。 10月17日，华脉科技开盘报15.60元/股涨7.36%，开盘价为最低价，随即快速涨停板。当日该股以涨停 收盘，成交额2.85亿元。 公开资料显示，华脉科技主营业务为通信网络物理连接设备的研发、生产和销售。该公司于2017年6月2 日在上交所主板上市。 【深圳商报讯】（记者 钟国斌）10月20日，华脉科技公告称，公司10月19日收到公司实际控制人胥爱 民的通知，胥爱民正在筹划公司股份协议转让事宜，该事项可能导致公司控制权发生 ...

Core Insights - The competition among internet giants in the smart car sector is intensifying, with companies adopting different strategies for entering the automotive market [2][3] - JD.com has announced a collaboration with GAC and CATL to launch the "National Good Car," indicating a shift from manufacturing to selling cars, positioning itself as a unique 4S store [3][4] - The current landscape of internet companies in the automotive industry can be categorized into three approaches: direct manufacturing like Xiaomi, providing solutions like Huawei, and offering algorithm support like Alibaba [3][6] JD.com's Strategy - JD.com's entry into the automotive market is a culmination of a decade-long strategy, having previously invested in NIO and established an automotive division [4][5] - The company aims to leverage its extensive user data from 1 billion users to enhance its automotive offerings, viewing smart cars as a new data entry point [5][6] - JD.com has developed a comprehensive service model covering the entire car lifecycle, including purchasing, usage, and maintenance, supported by nearly 3,000 service locations [6][7] Industry Dynamics - The competition in the smart car sector is shifting from technology to ecosystem battles, focusing on the entire service chain from buying to using and replacing cars [6][8] - The automotive industry is seen as the next "super entry point" for capturing consumer attention and building ecosystem connections, following the smartphone era [7][8] - Challenges for internet companies in the automotive space include brand commitment risks, the need for a sustainable business model, and the crowded landscape of smart technology development [7][8]

Core Viewpoint - The announcement of the largest private placement in A-share history by Cambricon (688256.SH) aims to raise approximately 3.985 billion yuan to enhance its competitive strength in AI chip and software technology for large model applications [1][2]. Group 1: Private Placement Details - Cambricon plans to issue 3.3349 million shares at a price of 1195.02 yuan per share, raising a total of 3.985 billion yuan, with a net amount of 3.953 billion yuan [1]. - The new shares will be tradable on the Shanghai Stock Exchange's Sci-Tech Innovation Board after a six-month lock-up period [1]. - This issuance will not change the company's control, with Dr. Chen Tian Shi remaining the controlling shareholder [1]. Group 2: Institutional Participation - The private placement attracted 13 institutions, including GF Fund, UBS AG, and Xinhua Asset, with GF Fund acquiring 1,010,861 shares for a total of 1.208 billion yuan [2]. - Other notable public funds such as Huatai-PineBridge, E Fund, and Harvest also participated in the offering [2]. Group 3: Business Impact and Financial Performance - The funds raised will significantly enhance Cambricon's capabilities in the large model market, allowing for rapid development of tailored chip and software solutions [2]. - Cambricon's main business involves the research, design, and sales of AI core chips for various applications, including cloud servers and edge computing devices [2]. - In Q3 2025, Cambricon reported a revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 567 million yuan, up 391.47% year-on-year [3]. - For the first three quarters, total revenue reached 4.607 billion yuan, a year-on-year increase of 2386.38%, with a net profit of 1.605 billion yuan, up 321.49% [3]. - However, there was a quarter-on-quarter revenue decline of 2.4% and a net profit decrease of 17% in Q3 compared to Q2 [3]. - As of the end of Q3, the company's inventory was 3.729 billion yuan, a 38.62% increase from the previous quarter [3].

Core Viewpoint - On October 20, 2023, the stock price of Shan Shui Technology (301190) fell significantly, closing down 17.04% at 22.88 CNY per share, with a total market capitalization of 4.911 billion CNY, following the announcement of the chairman's criminal detention due to personal reasons [1]. Company Management Changes - The company announced that on October 20, it held an emergency board meeting where it was decided that Wu Xinyan would act as the chairman and legal representative of the company, as the current chairman Huang Guorong was unable to attend due to his detention [3]. - Wu Xinyan, who is married to Huang Guorong, has been involved in various roles within the company since 2012 and currently serves as a director and head of the comprehensive center [4]. Financial Performance - In the first half of 2025, Shan Shui Technology reported a revenue of 305 million CNY, representing a year-on-year increase of 23.08%, while the net profit attributable to shareholders decreased by 11.77% to 47.7767 million CNY [4]. Company Background - Shan Shui Technology, listed on the Shenzhen Stock Exchange in 2021, specializes in the research, production, and sales of dye intermediates, pesticides, and pharmaceutical intermediates [4]. - Huang Guorong, the chairman, received a pre-tax annual salary of 1.1238 million CNY in 2024 [3]. Governance and Operations - The company emphasized that it has a stable management system and mature governance structure, and it has made appropriate arrangements in response to the recent developments, ensuring that operations continue normally [4].